Boris Johnson and Jeremy Corbyn have surged in the odds on becoming the next British Prime Minister.

The odds on the Labour leader becoming next Prime Minister were slashed as it was predicted that the Conservatives wouldn't win a majority and a hung parliament looked likely.

Nate Silver, editor-in-chief of US poll analysis website fivethirtyeight.com, tweeted that Johnson - who led the campaign for Britain to leave the European Union - had an 18.7% chance of being the next Prime Minister. That was an increase of 18.3%.

Read More

The odds on Corbyn becoming Prime Minister also crashed to as low as 9-4 with SkyBet upon the release of the exit poll suggesting a hung parliament could be on the way.

Mr Corbyn had drifted out to as long as 12-1 with bookmakers as late opinion polls pointed to a Conservative landslide with campaigning drawing to a close.

Lee Price, head of PR at Paddy Power, which was at 4-1 when he spoke to The Independent , a matter of minutes before the odds almost halved again, said: “We’ve had 84 per cent of all of our bets on Jeremy Corbyn to become PM. If he does win we are going to be skint. We’ll need a magic money-tree if it happens!”

Johnson, the Foreign Secretary and former Mayor of London, was sitting at 66/1 odds of becoming the next leader of the UK as of 5.30pm on the election night – but in just hours was in at a five to one chance.

According to Sky Bet, Johnson’s odds skyrocketed in just five hours on Thursday night, later adjusting the stats to 6/1 then to 7/1 as of midnight.